CAGR 19% Cognitive Computing Market Size is Expected to Reach a Value of USD 53.73 Billion by 2026

cognitive computing market

According to a new study published by Polaris Market Research, the global cognitive computing market is expected to reach $53.73 billion by 2026.

The industry’s growth is largely due to the ever-growing concern of many organizations to analyze the vast amount of data being generated to assess the risks associated with their strategic initiatives. Furthermore, the cognitive computing industry is currently growing through multiple technological advancements, resulting in it offering remarkable capabilities to multiple end-user industries including healthcare, retail, BFSI, and others.

This system is emerging as a booming solution to remove the complexities associated with analyzing massive amounts of data generated by these companies and provide professionals with a better understanding of decision-making. Moreover, the demand is expected to keep increasing with the rapid improvement in internet speed across the globe. Since then, the internet has played an important role in collecting massive amounts of dark data in various forms including images, text and videos. Thus, better internet speed would allow such data to be collected easily and quickly from different locations.

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On the basis of technology, the natural language processing segment of cognitive computing technology accounted for the maximum revenue of the total global cognitive computing market share. Moreover, this technology is expected to continue its dominance during the forecast period. Machine learning technologies, on the other hand, accounted for the second largest share. Other technologies such as automated reasoning are still under development and growing at the highest CAGR over the forecast period due to their increasing application in various applications in computational biology.

Currently, North America is dominating the global cognitive computing market with the presence of major vendors operating in the cognitive computing market such as Microsoft, IBM and Google. Also, these companies are investing heavily in the development of cognitive computing technology in the local and global cognitive computing market. For example, in 2015, IBM’s Watson cognitive computing system made a significant investment in Modernizing Medicine, a software company that provides EMR systems for specialist practices. The investment was made to drive adoption of Watson cognitive computing in the healthcare industry.

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Major companies profiled in the Cognitive Computing Market Report include Google, Inc., IBM Corporation, Microsoft Corporation, Palantir, Saffron Technology, Cold Light, Cognitive Scale, Enterra Solutions, 3M, Oracle Corporation, among others.

The key findings of the study indicate that the North American cognitive computing market is expected to dominate the market during the forecast period. APAC is considered to be the fastest growing market, developing at a CAGR of more than XX% during the forecast period. The cognitive computing market is projected to develop at a CAGR of over XX% from 2018 to 2026. Cognitive computing technology finds its extensive application in multiple industries including security, healthcare, BFSI, retail and other sectors. With the rapid influx of unstructured data and constant technological advances, the demand for cognitive technology is increasing worldwide. Additionally, cloud-based technological developments, advancements in new hardware and software systems, and innovative cognitive experience interfaces will increase the adoption of cognitive computing technology across multiple industries.

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Polaris Market Research has segmented the Cognitive Computing Market report based on Technology, Application, and Region:

Cognitive Computing Market, by Technology

  • Natural Language Processing
  • machine learning
  • Automated thinking
  • Other

Cognitive Computing Market by Application

  • healthcare
  • Retail BFSI
  • IT & Telecom
  • Government & Defense
  • security
  • Other

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